DefiLlama’s anonymous founder, 0xngmi, announced on social media that the decentralized finance (DeFi) data platform has detected serious inconsistencies in Figure’s total value locked (TVL) data.
0xngmi stated that Figure’s on-chain assets and trading volume do not match the claimed figures. According to the data, the company only holds approximately $5 million worth of Bitcoin (BTC) and $4 million worth of Ethereum (ETH) on exchanges, while Bitcoin’s 24-hour trading volume is only $2,000. Furthermore, the supply of Figure’s own stablecoin, YLDS, is limited to just 20 million units.
According to the DefiLlama team, this data contradicts the company’s claimed $12 billion in on-chain RWA (real-world assets). The platform’s analysis revealed that most RWA transfers originate from accounts other than the asset owners, and loans are largely processed in fiat currency, with on-chain payment transactions virtually nonexistent.
0xngmi explained that DefiLlama discussed the matter with Figure in a Telegram group, raising numerous concerns about the system and the removal process. However, during the process, some claimed that DefiLlama rejected Figure solely because of his social media following. Rumors even circulated that the platform was charging a listing fee.
DefiLlama, however, vehemently denied these allegations. 0xngmi, who maintains that the platform has never rejected a project based on follower count and has never charged any fees, said, “DefiLlama’s value lies in providing users with reliable and accurate data. Maintaining this trust is our top priority.”
The company stated that the $12 billion TVL revealed by Figure may actually be merely an on-chain reflection of an internal database, and its accuracy should be seriously questioned.
*This is not investment advice.
Source: https://en.bitcoinsistemi.com/suspicion-of-major-fraud-emerges-on-a-cryptocurrency-platform-it-claimed-to-have-12-billion/
